Watch Below Video to know What is Sukanya Samriddhi Scheme

Sukanya Samriddhi Yojana was launched by the Prime Minister Mr. Narendra Modi on 21st January 2015; under the Beti Bachao, Beti Padhao Campaign. This scheme was launched to meet the expense of the Girl child’s higher education and marriage.

A sterling initiative by Government of India. This scheme has finally been launched and it’s a good scheme for parents of girl child to invest in.

Let us have a look at the basic features of this scheme

Who is eligible under this scheme?

  • Gender: Girl child only
  • Citizenship: Child should be Indian citizen. NRI, OCI and other cannot open account under this scheme.
  • Age limit: On the date of opening the account, the child’s age should 10 years or younger.

Who can Invest:
Parent, or Legal Guardian of  the eligible Girl child.

Investment limit:

  • In 1 year, minimum Rs 1000/- needs to be invested., thereafter in multiples of 100/-
  • Maximum of Rs 1, 50,000/- can be invested.
  • Deposits can be made in lump-sum or spread out manner.
  • No limit on number of deposits either in a month or in a financial year.

Find out how much Maturity Amount your daughter will get. Use Our free SSS Calculator


Mode of Deposit/Investment:

  • Cash, Cheque, Demand draft, Online payment. All methods are acceptable.

Operation of the account:

  • The account will be opened and operated by the guardian of a girl child till the girl child, in whose name the account has been opened, attains the age of 10 years.
  • On attaining age of 10 years, the girl child may herself operate the account if she wishes to do so. If not the gaurdian will continue operating the account.

Tenure of the Scheme:

  • Deposit needs to made until 15 years from opening of account.
  • Deposit under scheme will mature 21 year after opening of the account.

Withdrawal under the scheme:

  • No Premature Withdrawal is permitted.
  • However, maximum up to 50% of deposit amount can be withdrawn for higher education of girl child, once she reaches 18 years of age, or passes 10th standard, whichever happens earlier. The actual withdrawal will be limited to the fees payable, and fee slip will have to be produced to make this withdrawal.

Termination of the Scheme:

  • Scheme Tenure is 21 years from date of opening, or when the marriage of the girl child happens; whichever happens earlier.
  • Account can be continued after the marriage of girl child, if she wishes to do so; until 21 years from date of opening the account.
  • In case after maturity of the account (21 years) the account is not closed, balance will not earn any further interest.

Rate of Interest under the Scheme:

  • For this quarter (April-June 2017 2016) interest rate is 8.4% , yearly compounded.
  • Every quarter GOI will announce the ROI applicable for that financial quarter.
  • Interest will be compounded yearly. ( Compare SSY vs PPF)
  • Interest will be paid on funds deposited on or before 10th of a month for that month.

Find out how much Maturity Amount your daughter will get. Use Our free SSS Calculator 

[sociallocker] Click here to download a Detailed Document containing all information pertaining to Sukanya Samriddhi Yojana [/sociallocker]

Account Limit:

  1. A guardian can open only one account in the name of one girl child
  2. A gaurdian is allowed to open maximum two accounts in the name of two different Girl children.
  3. One guardian can open maximum 3 accounts, only in case he/she has 3 girl child in 1st birth or twin girl child in 2nd birth. However in case 1st birth results in twin girl child, and 2nd birth also results in a girl child, then account can only be opened for the two girl child born in 1st birth.

Penalty under the Scheme: 

  • If minimum Rs 1000/- is not deposited in a financial year, account will be considered as ‘Account under default’ and can be revived with a penalty of Rs 50/- per year with minimum amount required for deposit for that year.
  • In case a ‘Account under default’ is not revived for 15 years from date of opening it, then all deposits in such a account, including those before date of default, will earn interest at the rate prescribed for post office saving bank at the time of maturity.

Where can I open account under this Scheme:

  • As per government documentation, account under this scheme can be opened in any public sector bank, or post office. (Refer list of banks where you can open SSY account)
  • Once opened the account can be transferred to any city in India, wherever the girl child resides.

Documentation required to open account under this scheme:

  • Birth certificate of the girl child
  • Identity proof of the depositor
  • Residence proof of the depositor

Interest Income:

  • Interest income is tax free and will accumulate inn the SSA itself.

Tax Implication:

  • Deposit under this scheme is eligible for deduction u/s 80C. Maximum Rs 1,50,000/- p.a can be claimed as deduction u/s 80C.
  • Maturity as well as Interest amount of the scheme will be paid to the girl child and will be entirely tax free in her hands.

Loan Facility:

  • There is no loan facility under this scheme

Safety/ Insurance feature:

  • This scheme offers no insurance feature.

Find out how much Maturity Amount your daughter will get. Use Our free SSS Calculator 

sukanya samriddhi account

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